May 14, 2002, Dominican Republic - An international group of investors
gathered at Cap Cana, the Caribbean's new multi-billion dollar resort
development in Punta Cana, recently to participate in several launch
festivities including property tours, site selections and celebratory
dinners. More than $60 million (US) in sales was generated at the sales
launch on May 4th, a record for one-day sales in the Dominican Republic
and the Caribbean.
Cap Cana's developers, along with partner Jack Nicklaus, hosted the group
of 53 Founding Members from countries around the world, including Canada,
France, Spain, Puerto Rico, the United States and the Dominican Republic,
to commemorate this initial phase of the project's real estate
development.
Total sales volume for the weekend was $63 million, with an average sales
price of $1.2 million.
Cap Cana's Founding Members have purchased either an $800,000 golf ridge
estate homesite overlooking the Ocean Course - a Jack Nicklaus Signature
Golf Course - or a $1.6 million oceanfront estate homesite on Cap Cana's
pristine Caribbean beach. In addition, Founders receive an array of
benefits including ownership of a luxurious condominium along Cap Cana's
grand canal and marina, which will be the Caribbean's largest, a 60- or
100-foot yacht slip and lifetime membership with full access to the
resort's numerous private beach, golf, yacht and country clubs.
"We are extremely proud of our early success in generating a great deal of
interest for our real estate opportunities and Founders Membership
Program," said Cap Cana President Ricardo Hazoury. "Our success recently
marks the beginning of a new era for the Dominican Republic that will see
this country become one of the premier resort destinations in not only the
Caribbean but the world."
Sales and marketing of Cap Cana were directed by IMI Resort Holdings of
Greenville, S.C. IMI manages more than $1.5 billion of resort real estate
in North America and has generated more than $1 billion in closings over
the past three years.
"The success of Cap Cana this weekend is the start of what will soon be
one of the most complete luxury resort destinations in the world. The
quality of this property is unrivalled in the Caribbean and will make for
one of the best beach, golf and vacation experiences to be found
anywhere," said IMI Resort Holdings Principal Mike Collins.
Construction of the first Jack Nicklaus Signature Golf Course is moving
quickly and construction of the marina will begin this summer. On May 4th,
Nicklaus spent several hours on the site reviewing the design of the first
course with his development team and meeting Cap Cana's official Founding
Members.
"With this kind of initial success, we expect interest in this
unprecedented resort development to be even greater in the coming months,"
said Hazoury. "As a result, we intend to accelerate our plans to conduct
additional openings and property tours of our future real estate offerings
which include more golf and beach homesites, marina townhomes, villas and
condominiums." Negotiations are also underway with several international
five-star hotel operators who have expressed an interest in Cap Cana.
The property, located on the eastern tip of the Dominican Republic near
Punta Cana, spans 30,000 acres, including 5.3 miles of oceanfront property
and 200 foot bluffs. Cap Cana is set to be a year-round vacation
destination featuring the Caribbean's largest marina, three Jack Nicklaus
Signature Golf Courses, several upscale boutique and full-service hotels,
luxury estate residences, marina town homes and condominiums, yacht clubs,
beach clubs, health spas and casinos.
For more information on Cap Cana, please visit us on the Internet at
www.capcana.com or call 800-785-2198 in the U.S. or our office in Santo
Domingo at 809-567-7258 or 809-567-7256.
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